Shares of Molycorp (NYSE:MCP) were gapping down Wednesday morning with an open price 10.6% lower than Tuesday's closing price. The stock closed at $8.83 yesterday and opened today's trading at $7.89.

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NEW YORK ( TheStreet) -- Shares of Molycorp (NYSE: MCP) were gapping down Wednesday morning with an open price 10.6% lower than Tuesday's closing price. The stock closed at $8.83 Tuesday and opened today's trading at $7.89.

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The average volume for Molycorp has been 8.7 million shares per day over the past 30 days. Molycorp has a market cap of $1.22 billion and is part of the basic materials sector and metals & mining industry. Shares are down 6.1% year to date as of the close of trading on Tuesday.

Molycorp, Inc., a development stage company, engages in the production and sale of rare earth oxides in the western hemisphere.

TheStreet Ratings rates Molycorp as a sell. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, poor profit margins, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share. You can view the full Molycorp Ratings Report.